Pension Tax Changes

The current 55% tax duty payable when pension funds are passed on after death is set to be axed under this government, George Osborne has announced.

From April 2015, if a pension saver dies aged over 75, beneficiaries will receive the funds free of tax if they keep them in a pension.  If they draw the pension, they will pay their marginal rate of tax.

If the person who dies is under 75 there will be no tax.

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